Chapter IV AUTHORITIES OF THE INSTITUTE

The following shall be the authorities of the Institute:—

1. (1) the Governing Council;
2. (2) the Executive Council;
3. (3) the Academic Council;
4. (4) the Finance Committee;
5. (5) the Planning Board; and
6. (6) such other authorities as may be declared by the Statutes to be authorities of the Institute.

1. (1) The Governing Council shall be constituted by the Board of Governors of the Society in such manner as may be prescribed. The term of office of the members of the Governing Council shall be such, as may be prescribed.
2. (2) Subject to the provisions of this Act, the Governing Council shall have the following powers and functions, namely:-
   • (a) to exercise overall superintendence over the functioning of the Institute in consonance with its objectives;
   • (b) to review, from time to time, the broad policies and programmes of the Institute and suggest measures for the working, improvement and development of the Institute;
   • (c) to consider and pass resolutions on the annual report and annual accounts of the Institute and audit report of such accounts;
   • (d) to advise the Director in respect of any matter which may be referred to it for advice; and
   • (e) to perform such other functions as may be prescribed.

1. (1) The Executive Council shall be the chief executive body of the Institute.
2. (2) The Executive Council shall consist of not more than ten members, of whom three members shall be,-
   • (a) the Secretary to Government in-charge of Finance department, ex-officio;
   • (b) the Secretary to Government in-charge of Planning, Development and Special Initiatives department, ex-officio; and
   • (c) the Secretary to Government in-charge of Higher Education department, ex-officio.
3. (3) The remaining seven members of the Executive Council shall be nominated by the Governing Council from among eminent people in the field of economics and allied subjects and management and professors of the Institute in the manner prescribed.
4. (4) The term of office of the members and the powers and functions of the Executive Council, shall be such as may be prescribed.

1. (1) The Academic Council shall be the principal academic body of the Institute and subject to the provisions of the statutes, and ordinances co-ordinate and exercise general supervision over the academic policies of the Institute.
2. (2) The constitution of the Academic Council, the term of office of its members and its powers and functions shall be such as may be prescribed.

1. (1) The Finance Committee shall be the principal financial body of the Institute to take care of the financial matters.
2. (2) The constitution of the Finance Committee, the term of office of its members and its powers and functions shall be such as may be prescribed.

1. (1) The Planning Board shall be the principal planning body of the Institute. The Planning Board shall ensure that the infrastructure and academic support system meets the norms of the regulatory bodies.
2. (2) The constitution of the Planning Board, the term of office of its members and its powers and functions shall be such as may be prescribed.

The constitution, powers and functions of other Boards, committees and councils which may be declared by the statutes to be the authorities of the Institute shall be such as may be prescribed.